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Quotation of the Day…

… is from page 70 of Paul Krugman’s 1995 paper “The Illusion of Conflict in International Trade,” as it is reprinted in Krugman’s indispensable 1996 collection, Pop Internationalism:

[O]ne gets nowhere in making sense of the debate on international “competitiveness,” among people who regard themselves and are regarded by others as sophisticated, unless one realizes that their views are based on a failure to understand even the simplest economic facts and concepts.